TransferWise Borderless Accounts: Multicurrency, Local Bank Details & Low Fees

For many years now, TransferWise is our favourite platform when it comes to money transfers. With the introduction of Borderless accounts, they have just expanded their services to multicurrency current accounts with local bank details.

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TransferWise Borderless Accounts

Regulated by the FCA, TransferWise Borderless accounts have been designed to make doing business internationally easier than ever. Thus you can get paid as if you were a local.

• Instant local bank details for receiving money in the US, UK, Australia, New Zealand & the Eurozone
• Fast & easy money transfer: Use your Borderless account to pay for your transfers
• Real exchange rates
• Multicurrency: Hold money in 40+ currencies, and switch between them effortlessly
• NEW TransferWise Debit Mastercard®

You will get your own British account number & sort code, European IBAN and your own Australian account number and BSB number as well a New Zealand Account number. In addition you will receive a US account number, routing and wiring number. US Dollar local bank details are provided by the Community Federal Savings Bank, NYC, USA.

TransferWise Debit Card

In January 2018, they kicked off a private launch inviting customers based in the European Economic Area (EEA) to test TransferWise debit cards with their Borderless accounts. You should receive an invitation within the next few weeks. Stay tuned and check your inbox regularly.

In the future, they are planning to offer debit Mastercards to customers from outside of the EEA.

TransferWise & Stripe

For one of our projects, we are currently looking for a solution to accept US$ with Stripe but without any conversion fees. Stripe is awesome but comes with some limitations in that a bank account has to be located in the country where its currency is based.

In this case, a US$ bank account has to be based in the United States for instance. As we’re based in the UK, payouts are currently converted with a 2% conversion fee and then paid out in GBP. However, this shouldn’t be a problem any longer – thanks to TransferWise and the local bank details. As soon as we have successfully set it up, we’ll update this post. Stay tuned! UPDATE: This is working now!

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